SEC Finds Broker-Dealer In Violation Of Patriot Act

Law360, New York (May 22, 2006, 12:00 AM EDT) -- In its first enforcement action under the U.S. Patriot Act, the U.S. Securities and Exchange Commission charged Los Angeles broker-dealer Cromwell Weedon & Co. on Monday for neglecting to properly document its customer identification procedures.

The SEC did not impose a fine on the firm, which reached a settlement without admitting or denying the charges. The SEC alleged Cromwell Weedon fell short in its documentation of its new accounts for its customer identification program, and violated the Patriot Act, which was implemented in 2001 to curtail...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.